Ferrovial SE (BME:FER) and Canada Pension Plan Investment Board entered into an agreement to acquire 5% stake in 407 International Inc. from AtkinsRéalis Group Inc. (TSX:ATRL) on March 13, 2025. Ferrovial SE will acquire 3.30% stake at closing and 1.76% deferred for up to 18 months post-closing through a put and call option agreement. The combined consideration for Ferrovial SE equates to CAD 2.09 billion. Canada Pension Plan Investment Board has agreed to purchase 1.70% of the shares of 407 International , with CPP having up to approximately 18 months to pay the purchase price, although such deferred consideration could be paid earlier. CPP will pay a purchase price of approximately CAD 700 million, with the purchase price to be adjusted, based on an agreed formula taking into account when it will be paid. The transactions are subject to the closing of CPP Investments? sale to PSP Investments, as well as other customary closing conditions and is expected to close in second quarter of 2025.
Net proceeds from the transactions will be deployed in line with the Company?s capital allocation priorities outlined at its 2024 Investor Day, and based on what management and the board of directors believe would
be in the best interests of the Company and most accretive to shareholder value over time. This would include paying down indebtedness, potentially funding additional growth through small and mid-size acquisitions, and returning capital to shareholders.

RBC Capital Markets Inc. acted as financial advisor and Norton Rose Fulbright Canada LLP acted as legal advisor to AtkinsRéalis. Scotiabank acted as the exclusive financial advisor to PSP Investments.

Ferrovial SE (BME:FER) and Canada Pension Plan Investment Board completed the acquisition of 6.76% stake in 407 International Inc. from AtkinsRéalis Group Inc. (TSX:ATRL) for CAD 2.6 billion on June 6, 2025. As a part of acquisition call option under the Put and Call Agreement have been exercised. Certain sale proceeds were received by AtkinsRéalis at closing of the transactions under the Share Purchase Agreement and all remaining proceeds under both agreements are expected to be paid to AtkinsRéalis within the next three business days.